Long-abandoned Welsh mine revived as gold prices soar
At the bottom of a long-abandoned mine, 50 metres below the surface, one company searches for rare Welsh gold, attracted by soaring prices and its royal connection.
The Clogau-St David's mine, located in a national park near the coast of Wales, was flooded until its latest licence-holder, Alba Mineral Resources, spent months pumping out water to begin operations.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Next
Stay
Close ✕
Down rickety ladders along narrow, damp tunnels, Alba focuses on finding quartz -- a snow-like white rock that indicates the presence of gold.
"The mine up to now has been in exploration phase. We're slowly transitioning" to proper operations, said Mark Austin, the project's chief geologist, who spent four decades working in mines in Africa.
From the depths of the mine, they drill, blast, and haul the ore to the surface.
The first pickaxes struck Clogau in 1854, initially aimed at finding lead, before quickly turning to gold.
Local legend has it that a miner discovered the first flakes by accident after kicking a piece of rock. Soaring gold price
After six decades of prosperity, the mine shut in 1911, and only occasionally reopened in the years that followed.
At the time of its final shutdown in 1998, gold sold for $300 a troy ounce (31.1 grammes).
This month, the price of gold has soared beyond $3,000 an ounce -- and hit a new record, attracting investors seeking a safe-haven asset as US President Donald Trump's stop-start tariffs roil global markets.
"The economics of coming in and finding unworked seams of gold is obviously very attractive," said George Frangeskides, executive chairman of Alba.
"We had an idea that with modern techniques... we could find unworked seams of gold here," he told AFP.
Clogau gold is prized for its scarcity, Welsh heritage and ties to the British royal family, fetching up to 10 times the standard market rate.
Royal family members, including Queen Elizabeth II, King Charles III, Princess Diana and Princess Catherine have all worn a Clogau wedding ring -- a tradition that dates back a century to the wedding of King George VI.
The royal connection "adds, obviously, to the cachet, the allure of the project that we're involved with", Frangeskides told AFP.
Even with limited production -- a few hundred ounces per year -- he believes the venture will be profitable.
The company has invested £4 million ($5.3 million) into the site, where 10 people work.
Early test auctions of one-ounce pieces have been successful, with the first selling for £20,000 ($26,500) -- more than eight times the traded price of gold. Once-thriving mine
Remaining features, like rusty rails and wooden foundations, serve as reminders of the history of this once-thriving mine.
Austin, donning a hard hat, pointed to the holes in the walls where explosives will be placed to extract tiny gold particles from crushed rocks.
A promising extension to the original quartz vein, around 120-metres long, has been identified in the exploration area measuring 107 square kilometres.
World Gold Council market strategist John Reade said it is not the quality of Clogau gold that attracts its premium price but the fact it is a small, "boutique mine".
Over the course of the mine's history, only 80,000 ounces (2.5 tonnes) of gold have been extracted.
That compares to global gold production of around 3,600 tonnes a year, he said.
But thanks to its royal connection, the Welsh gold may attract "traditionalists, people who may be strong monarchists" willing to pay more, Reade added.
In the nearby town of Dolgellau, some locals are more concerned with the potential environmental impact than the prospect of gold.
Alba said it has reassured authorities and is committed to protecting bats that live in the area.
At the bustling Cross Keys pub in the town centre, Will Williams, a 75-year-old retired doctor, chuckled: "I wouldn't be surprised if a lot of young people around here don't even know it exists."
AFP
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
7 hours ago
- IOL News
Transport minister raises concerns over lack of formalisation in taxi Industry
Transport Minister Barbara Creecy has expressed serious concern over the government's ongoing failure to formalise South Africa's taxi industry Image: Armand Hough/Independent Newspapers Transport Minister Barbara Creecy has expressed serious concern over the government's ongoing failure to formalise South Africa's taxi industry and align it with what she called "normal competitive business practices". 'I am very concerned that we do seem to be failing to formalise the taxi industry and to ensure that this industry operates with what one could call normal competitive business practices,' Creecy said in interview broadcaster Newzroom Afrika.. She noted that this issue has been central in her discussions with national taxi associations, and affirmed that it remains a top priority in the government's engagement with the sector. 'It's my belief that we can't continue this way. It brings the industry into disrepute, and it poses a danger to commuters,' she added. Her comments come amid escalating concerns about violence in the taxi sector. Last week, four people were killed at the Emfuleni taxi rank in the Western Cape, when armed men opened fire. According to reports police believe the shooting may have been triggered by a dispute between the taxi associations CATA and CODETA, who are reportedly in conflict over control of a taxi route linking Mfuleni and Somerset West. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Responding to the Minister's comments, South African National Taxi Council (Santaco) national spokesperson Mmatshikhidi Rebecca Phala acknowledged the slow pace of reform. "The Minister's concern is our concern, the pace at which efforts to formalise the taxi industry are going is concerning, since the 2020 National Taxi Lekgotla during which we resolved to professionalize the industry through collaboration, processes have been moving at a pace slower than we would have hoped for," Phala said. "However, not all hope is lost. We are hard at work with our road safety initiatives, use of security services for our ranks, driver and marshal training, introduction of automated fare collection systems and the restoration of other commuter safety initiatives. We draw inspiration in hearing the Minister continue to highlight the work that has to be undertaken alongside the department and other agencies and private partners". Creecy emphasised the crucial role of the taxi industry, which she said transports nearly 80% of the country's commuters and is 100% black-owned. 'We really need to move from the current situation,' she urged, calling for deeper structural reform, better oversight, and collaborative problem-solving across all levels of government and industry. According to Phala, changes are underway within the industry. "All taxi associations are now moving from the operation of sole proprietor taxi businesses to the formation of cooperatives which will employ drivers and other workforces of the industry into employees who will receive salaries and other work benefits in alignment with the Basic Conditions Of Employment. Operators are becoming directors of taxi businesses though cooperatives to ensure tax compliance and other levy contributions," she said. On the issue of violence, Phala said the industry was working with all law enforcement. "To address ongoing violence, we have collaborative efforts with law enforcement agencies to combat crimes. Equally, because we understand that turf wars are linked to the competitive nature of the transport sector, we are introducing other value chain opportunities like sale of lubricants and fuel, sale of vehicle parts and other businesses for operators to leverage multiple business opportunities and not focus on one opportunity". IOL Business
IOL News
12 hours ago
- IOL News
Trump-Musk showdown threatens US space plans
Elon Musk says his time as a Special Government Employee comes to an end. Image: Brandon Bell / Getty Images via AFP SpaceX's rockets ferry US astronauts to the International Space Station. Its Starlink satellite constellation blankets the globe with broadband, and the company is embedded in some of the Pentagon's most sensitive projects, including tracking hypersonic missiles. So when President Donald Trump threatened on Thursday to cancel Elon Musk's federal contracts, space watchers snapped to attention. Musk, the world's richest person, shot back that he would mothball Dragon -- the capsule NASA relies on for crew flights -- before retracting the threat a few hours later. For now, experts say mutual dependence should keep a full-blown rupture at bay, but the episode exposes just how disruptive any break could be. Founded in 2002, SpaceX leapfrogged legacy contractors to become the world's dominant launch provider. Driven by Musk's ambition to make humanity multiplanetary, it is now NASA's sole means of sending astronauts to the ISS -- a symbol of post–Cold War cooperation and a testbed for deeper space missions. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Space monopoly? The company has completed 10 regular crew rotations to the orbiting lab and is contracted for four more, under a deal worth nearly $5 billion. That's just part of a broader portfolio that includes $4 billion from NASA for developing Starship, the next-generation megarocket; nearly $6 billion from the Space Force for launch services; and a reported $1.8 billion for Starshield, a classified spy satellite network. Were Dragon grounded, the United States would again be forced to rely on Russian Soyuz rockets for ISS access -- as it did between 2011 and 2020, following the Space Shuttle's retirement and before Crew Dragon entered service. "Under the current geopolitical climate, that would not be optimal," space analyst Laura Forczyk told AFP. NASA had hoped Boeing's Starliner would provide redundancy, but persistent delays -- and a failed crewed test last year -- have kept it grounded. Even Northrop Grumman's cargo missions now rely on SpaceX's Falcon 9, the workhorse of its rocket fleet. The situation also casts a shadow over NASA's Artemis program. A lunar lander variant of Starship is slated for Artemis III and IV, the next US crewed Moon missions. If Starship were sidelined, rival Blue Origin could benefit -- but the timeline would almost certainly slip, giving China, which aims to land humans by 2030, a chance to get there first, Forczyk warned. "There are very few launch vehicles as capable as Falcon 9 -- it isn't feasible to walk away as easily as President Trump might assume," she said. NASA meanwhile appeared eager to show that it had options. "NASA is assessing the earliest potential for a Starliner flight to the International Space Station in early 2026, pending system certification and resolution of Starliner's technical issues," the agency said in a statement Friday to AFP. Still, the feud could sour Trump on space altogether, Forczyk cautioned, complicating NASA's long-term plans. SpaceX isn't entirely dependent on the US government. Starlink subscriptions and commercial launches account for a significant share of its revenue, and the company also flies private missions. The next, with partner Axiom Space, will carry astronauts from India, Poland, and Hungary, funded by their respective governments. Private power, public risk But losing US government contracts would still be a major blow. "It's such a doomsday scenario for both parties that it's hard to envision how US space efforts would fill the gap," Clayton Swope, deputy director of the Aerospace Security Project at the Center for Strategic and International Studies, told AFP. "Both sides have every reason to bridge the disagreement and get back to business." Signs of a rift emerged last weekend, when the White House abruptly withdrew its nomination of e-payments billionaire Jared Isaacman -- a close Musk ally who has twice flown to space with SpaceX -- as NASA administrator. On a recent podcast, Isaacman said he believed he was dropped because "some people had some axes to grind, and I was a good, visible target." The broader episode could also reignite debate over Washington's reliance on commercial partners, particularly when one company holds such a dominant position. Swope noted that while the US government has long favored buying services from industry, military leaders tend to prefer owning the systems they depend on. "This is just another data point that might bolster the case for why it can be risky," he said. "I think that seed has been planted in a lot of people's minds -- that it might not be worth the trust."
IOL News
17 hours ago
- IOL News
Gayton McKenzie: 'If I were President, I would scrap BEE and start an empowerment bank'
Minister of Sports, Arts and Culture Gayton McKenzie proposes bold reforms, criticizes Black millionaires for lacking community investment, and blames illegal immigration for unemployment, urging South Africans to embrace 'unpopular decisions' for collective growth. Image: File Patriotic Alliance (PA) leader and Minister of Sport, Arts and Culture, Gayton McKenzie, says if he were made president, he would completely scrap the Broad-Based Black Economic Empowerment (BBBEE) policy. He was speaking at the Black Business Council Summit on Friday. Instead, he proposes replacing it with a single empowerment bank, funded by a mandatory contribution of 1% of turnover from all white-owned businesses and previously empowered individuals. 'You can't build wealth without collateral,' McKenzie said. He believes the new bank would provide loans where 'your blackness will be your collateral. Your black skin.' According to him, this model avoids the counterproductive practice of forced partnerships, such as the 26% equity expectations under current BEE frameworks. 'Instead of telling white people, come make me a 26% partner, I will not do that. That's not business. That's counterproductive.' McKenzie highlighted that the new bank would enforce accountability, mentorship, and evidence of impact before extending further loans. On the current implementation of BEE, he is critical of how it's benefited a small elite rather than addressing broad economic disparities. 'BEE has not failed. We have failed BEE, and I'm including myself in all the Black millionaires today.' 'It is the same people doing deal after deal, and that is the truth. We can't run away from it.' He said black business leaders have become complicit, often choosing repeated partnerships over building independent ventures, even after attaining significant wealth. 'You do a deal, you're no longer poor; you are now a dollar millionaire, yet you still insist on becoming a partner in a business that a white man has built. That's a conversation we don't want to hear.' McKenzie drew a contrast with the Jewish community, suggesting that Black millionaires should show similar communal responsibility, especially in addressing the country's staggering Black unemployment. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading 'We have so many black millionaires, but we have the highest unemployment rate. We just get more, we get more, but you're not even giving back to where you stay.' On illegal immigration, he blames the national budget deficit and service delivery failures on unaccounted foreign nationals. ''The ANC is getting an F, but they don't deserve an F. The ANC should be getting a D. But the reason why they don't deserve, don't know why they're getting an F, because they budget for South Africans. ''Mabahambe, and you will see jobs will appear.' 'Two million of them have jobs, waiters, whatever. So when we chase them away, immediately we have two million jobs for locals.' He says South Africa is budgeting for people not counted in the census, which causes direct economic strain. Ultimately, McKenzie argued that real empowerment comes not from forced partnerships, but from building institutions and taking 'unpopular decisions' that directly benefit the broader Black population. 'Let us get rich, all of us, but let's take the unpopular decisions. Mabahambe.' Get your news on the go, click here to join the IOL News WhatsApp channel IOL Politics
